Witan Investment Trust PLC — Fund Information / Factsheet 2012

Jun 30, 2012

Factsheet

Investment Objective

Witan's objective is to create wealth for its investors through stockmarket investment and to grow the dividend in real terms, ahead of inflation.

Witan's portfolio is managed with a multi-manager structure. The latest manager allocations as at 31.03.2012 can be found on our website at www.witan.com/portfolio-and-performance

Trust Information

Epic Code	WTAN
Sector	Global Growth
Trust Type	Conventional
Launch Date	1909
Financial Year End	31 December
Dividend Payment Dates	April, September
Last Ex Div Date	29 February 2012
AGM	May
Shares in Issue	190,889,000

Geographic Breakdown (%)†

Sector Allocation (%)†

Financials	23.2
Consumer services	13.7
Industrials	12.6
Consumer goods	11.5
Technology	8.0
Oil & Gas	7.9
Health Care	7.1
Telecommunications	3.9
Other	5.0
Open Ended Funds	4.9
Equity Index Futures	-1.2
Cash / Bonds	3.4
† Source: BNP Paribas as at 29.06.12.

Trust Statistics†

Gross Assets	£1,132m
NAV per ordinary share	515.32p
Share price	454.90p
Premium/(Discount)	(11.7%)
Gearing	7%
Yield	2.64%
TER* inc. Performance Fee	0.87%
TER* ex. Performance Fee	0.71%

Source: BNP Paribas as at 29.06.12. *Total Expense Ratio as at 31.12.11.

Monthly Commentary

†

June was a better month for equity markets following the sharp declines during May. June saw a stabilisation and then recovery and the Witan benchmark rose 4.1% over the month.

The fall in markets in May had been primarily a result of rising risk aversion centred on the Euro crisis, which had intensified following the Greek elections and rising yields and banking problems in Spain. The European summit at the end of June allayed some of the worst fears about the outlook and was one cause of the markets recovering some of the lost ground.

There remain a wide range of concerns weighing on market sentiment, including the European crisis, fears of a slowdown in China and some mixed US economic data. Thus much bad news is likely to be priced into market expectations. Despite the nervous mood, not all the tactical risks are negative.

The Witan portfolio recovered ground during June, with the NAV up 4.1%, in line with the benchmark. The share price rose by 5.4%.

You can watch video and read regular comment on investment issues from our CEO, Andrew Bell on our website www.witan.co.uk

Ten Largest Holdings† **

3i	3.0%
Electra Private Equity	2.8%
Diageo	1.9%
Pearson	1.8%
BP	1.8%
Vodafone	1.7%
Unilever	1.7%
GlaxoSmithKline	1.3%
London Stock Exchange	1.2%
Princess Private Equity	1.2%

† Source: BNP Paribas as at 29.06.12.

**On a look through basis across managers, excluding collective funds.

Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is issued and approved by Witan Investment Services. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Services Authority. Calls may be recorded for our mutual protection and to improve customer service.

Investment Performance

Share Price (Total Return) Vs Benchmark (Total Return)*

Share Price (Total Return)	-7.3%	2.5%	-10.6%	42.0%	4.9%	67.3%
Net Asset Value** (Total Return)	-6.5%	4.5%	-9.8%	42.1%	6.7%	73.0%
Benchmark* (Total Return)	-3.8%	4.0%	-6.1%	41.6%	6.3%	76.6%
Relative NAV Performance	-2.7%	0.5%	-3.7%	0.5%	0.4%	-3.6%
Discrete performance	Q2 2007		Q2 2008	Q2 2009	Q2 2010	Q2 2011

	Q2 2008	Q2 2009	Q2 2010	Q2 2011	Q2 2012
Share Price (Total Return)	-13.0%	-15.1%	24.8%	27.3%	-10.6%
Net Asset Value** (Total Return)	-11.6%	-15.1%	25.1%	26.0%	-9.8%
Benchmark* (Total Return)	-11.0%	-15.7%	22.1%	23.5%	-6.1%
Relative NAV Performance	-0.6%	0.6%	3.0%	2.5%	-3.7%

Source: Datastream & FE Analytics, percentage growth to 29.06.12. Total return includes the notional investment of dividends.

*Since 01.10.2007 the benchmark has been a composite of 40% FTSE All-Share/20% FTSE All-World North America/20% FTSE All-World Europe (ex UK) /20% FTSE All-World Asia Pacific. From 01.09.2004 to 30.09.2007 the benchmark comprised of 50% FTSE All-Share/50% FTSE World (ex UK) and prior to this 60% FTSE All-Share/40% FTSE World (ex UK).

**The Net Asset Value figures value debt at fair value except for 10 year figure where debt is valued at par value.

Please remember, past performance is not a guide to future performance, and the value of shares and the income from them can rise and fall, so investors may not get back the amount originally invested. This marketing communication is issued and approved by Witan Investment Services. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Anne's Gate, London, SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Services Authority. Calls may be recorded for our mutual protection and to improve customer service.

Important Information

The value of investments and the income from them may go down as well as up and you may not get back your original investment. Investment trusts can borrow money to make additional investments on top of shareholders' funds (gearing). If the value of these investments falls, gearing will magnify the negative impact on performance. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. Emerging markets tend to be more volatile than more established stock markets and therefore your money is at greater risk. Other risk factors such as political and economic conditions should also be considered. Funds which specialise in investing in a particular region or market sector are more risky than those which hold a very broad spread of investments. Funds investing in overseas securities are exposed to and can hold currencies other than Sterling. As a result, exchange rate movements may cause the value of investments to decrease or increase. Some, or all, of the annual management fee may be charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. Net Asset Value ("NAV") performance is not the same as share price performance and investors may not realise returns the same as NAV performance. Where a fund holds a limited number of investments and one or more of those investments declines or is otherwise adversely affected, it may have a more pronounced effect on the Fund's value than if a larger number of investments were held.

Contact Details

0800 082 81 80 www.witan.com